Ryan Mckeever | E+ | Getty ImagesMove over, Sephora kids. While younger generations have been buying beauty products in droves, data shows that a different generation holds more spending power: Generation X.Often dubbed the “forgotten generation,” Gen X spans those born between 1965 and 1980, according to Pew Research Center. Sandwiched between baby boomers and millennials, the often-overlooked generation hasn’t held the spotlight nearly as much as its counterparts.But experts said it may be one of the most important generations for the beauty industry over the next few years.Gen X will be the consumer spending leader globally through 2033, surpassing $20 trillion in spending power, according to data from NielsenIQ. The generation makes up roughly 25% of the total spend for beauty, both on beauty products and beauty services.More importantly, the Gen X beauty market will grow to 1.3 times its current size in the next five years, NielsenIQ said. That growth, according to the company, comes from a culmination of factors: The generation is financially stable and well established, has been leaning into anti-aging and longevity trends, and is heavy on brand loyalty.According to Chicago-based market research firm Circana, households with members of Gen X accounted for 44% of total dollars spent on beauty in the past year, with skincare being their top category.”This aligns with how beauty companies are focusing on solutions tied to skin health, anti-aging and long-term results, which are all areas that resonate strongly with Gen X consumers,” said Larissa Jensen, a beauty industry advisor at Circana.The cohort will also see an increase its spending across haircare and makeup, Jensen added.It’s a trend that’s been complemented by a broader focus on wellness and anti-aging.”We’re not ignoring people as they get older in the beauty industry as much anymore,” said Anna Mayo, a NielsenIQ beauty thought leader. “For the first time, we’re seeing brands launched and they’re talking about menopause. … I think that really helps keep people engaged. They feel like they’re not buying something that was made for a college student.”Gen X is also at the “prime spending phase” of their lives, with NielsenIQ estimating …
